High end property still booming in London

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by Kay Murchie

According to Lurot Brand estate agents, high-end property in London is still booming.

Whilst property prices continue to fall throughout the rest of the country, including Central London, houses at the top end of the market in London are holding their own, particularly mews houses.

The agent, which specialises in mews houses, has announced new highs in £/sq ft achieved in two mews streets during the summer.

A house in Hyde Park Garden Mews W2 achieved a sq ft price of £1,220, eventually selling just over the £2,000,000 mark. The previous highest achieved in that mews was £1,112 per sq ft.

Furthermore, a property in Leinster Mews W2, a short distance from Kensington Gardens, achieved a sq ft price of £1,256 with a selling price of £1,440,000. The previous highest achieved in the same mews was just over £1000 per sq ft.

Lurot Brand believes the trend will continue. A new mews conversion has just come on the market with a price tag of £5,950,000 for 3,200 sq ft. Should the asking price be achieved, a new record of £1,859 per sq ft will be set.

The reason for the success, believes Lurot Brand, is the fact that there are only about 7000 mews houses in London compared with many hundreds of thousands of flats.

Furthermore, the properties are usually freehold with no service charges and boast a garage or a roof terrace, or sometimes both.

Mews houses were formerly rows of stables and coach houses with living quarters above, built behind houses, particularly in 17th and 18th century London.